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Tepal Project

Tepal Project
Summary
Location: The Tepal Project is located in Michoacan State, Mexico. The project is 70 kilometres west of Apatzigán and 170 kilometres south of Guadalajara, one of the largest cities in Mexico.
Deposit Type: Copper-gold porphyry with silver and molybdenum values.
Communities: The town of Tepalcatepec in 15.5 kilometers from the property.
Infrastructure: Access and infrastructure are excellent, with paved roads, deep sea port access, and low topographical relief.
Properties: The Tepal Project is comprised of five concessions totalling approximately 1,400 hectares (138 square kilometres).
Ownership: Geologix has acquired a 100% interest in the Tepal Property by way of an Option to Purchase Agreement with Arian Silver Corp.
Royalties: 2.5% NSR payable to Minera Tepal S.A. de C.V. Geologix has a Right of First Refusal on the purchase of the NSR.
Latest News

March 2013 - Geologix releases positive Prefeasibility Study that states pre-production capital costs for the Tepal Project are estimated to be $354 million. Study also states that the Project's estimated post-tax NPV, at a 5% discount, is $421 million, with an IRR of 28%.

February 2013 - Geologix releases results of alternative process procedure evaluation, indicating the potential to increase overall gold recoveries in the sulphide mill design by 16.4% to 79.2%, and silver recoveries by 31.4% to 52.9%, compared to the April 2011 Preliminary Assessment Study


Tepal Project Overview

Since acquiring the Tepal project in late 2009, Geologix has carried out aggressive exploration, resource expansion, and infill drilling programs through to the end of 2011, totaling 56,810 metres of drilling in 292 holes. This drilling has allowed the Company to achieve significant increases in resources for both the North and South Zones, to add the resources of the Tizate Zone and to place a high percentage of mineral resources from all of the zones into the Measured and Indicated categories. The Company also completed a Preliminary Economic Assessment ("PEA") in October 2010 and a Preliminary Assessment ("PA") in April 2011. The largest drilling program, in 2011, consisting of 41,284 metres of drilling in 215 holes, allowed for the most recent resource estimate for the project, which was prepared by Micon International Ltd. The estimate was released in March 2012, and included all project drilling data from the North, South, and Tizate zones up to December 2011.

In March 2013, the Company announced the positive results of a Pre-Feasibility Study ("PFS") prepared by JDS Energy & Mining Inc. The results were based on the March 2012 Micon resource report.

Significant highlights of the March 2013 PFS and mine plan include:
  • The Project's estimated post-tax NPV, at a 5% discount, is $421 million with an IRR of 28%.
  • The Project's estimated pre-tax NPV, at a 0% discount, is $925 million with an IRR of 36%
  • The Project's estimated payback period is 2.7 years pre-tax and 3.2 years post-tax.
  • Pre-production capital costs for the Project are estimated to be $354 million.
  • The Project is expected to produce an average of 117,000 ounces of gold and 49 million pounds of copper annually over its initial seven years of operation.
  • The Project has an estimated mine life of 11.5 years, and an average milling rate of 38,700 tonnes per day.
  • Life of mine cash costs of production, net of by-product credits, are estimated to be $170/oz. for gold or $0.62/lb. for copper.
Complete details of the PFS are available in the Company's news release dated March 19, 2013.

Resource Estimation Details

Results from the update resource estimate are as follows:

Updated Total Tepal Project Resource Estimate1 - March 2012
Category
Tonnes (t)
Au (g/t)
Cu (%)
Ag (g/t)
Mo (%)
Au (oz.)
Cu (lbs)
AuEq2 (oz.)
Measured
34,100,000
0.48
0.25
0.95
0.002
528,000
185,000,000
1,037,000
Indicated
153,700,000
0.26
0.19
1.67
0.004
1,276,000
628,000,000
3,003,000
Meas & Ind
187,800,000
0.30
0.20
1.54
0.004
1,804,000
813,000,000
4,040,000
Inferred
35,700,000 
0.16
0.15
1.68
0.006
182,000
120,000,000
512,000
Au = gold, Cu = copper, Ag = silver, Mo = molybdenum, g/t = grams per tonne, % = percent, oz. = ounces, lbs. = pounds,
1The in situ resource stated in the table conforms to CIM guidelines for reasonable potential for economic extraction and is not to be confused as reserves. Resource numbers above are rounded to nearest 100,000 tonnes, 1,000 oz Au, 1,000,000 lbs Cu and 1,000 oz. AuEq
2AuEq = gold equivalent and is calculated using gold and copper only using $1000 Au, $2.75 Cu metal prices (AuEq = (lbs. Cu*$2.75/$1000) + Au oz.). All dollar values stated are $USD.

For comparison with the March 2011 resource estimate please see the Company's March 16, 2011 News Release at www.geologix.ca.

The March 2012 resource estimate now includes results for Ag and Mo in the Tepal North and South Zones which were not consistently assayed in historic drill programs. Infill drilling and the re-assaying of 1688 historic pulps supplied sufficient data to permit Ag and Mo to be estimated for these zones.

The resources for the three main zones are shown in the tables below.

North Zone - Resource Estimate1 - March 2012
Category
Tonnes
Au (g/t)
Cu (%)
Ag (g/t)
Mo (%)
Au (oz)
Cu (lbs)
AuEq2 (oz)
Measured
14,100,000
0.50
0.29
0.78
0.002
228,000
89,000,000
473,000
Indicated
55,300,000
0.30
0.21
1.01
0.002
533,000
252,000,000
1,226,000
Meas & Ind
69,400,000
0.34
0.22
0.96
0.002
761,000
341,000,000
1,699,000
Inferred
900,000
0.22
0.21
1.21
0.003
7,000
4,000,000
18,000


South Zone - Resource Estimate1 - March 2012
Category
Tonnes
Au (g/t)
Cu (%)
Ag (g/t)
Mo (%)
Au (oz)
Cu (lbs)
AuEq2 (oz)
Measured
20,000,000
0.47
0.22
1.07
0.002
300,000
96,000,000
564,000
Indicated
21,000,000
0.45
0.20
1.17
0.002
305,000
91,000,000
555,000
Meas & Ind
41,000,000
0.46
0.21
1.12
0.002
605,000
187,000,000
1,119,000
Inferred
400,000
0.40
0.16
0.95
0.002
5,000
2,000,000
11,000


Below the South Zone pit shell, indicated and inferred material has been identified that has not had economic parameters applied and is not included in the resource estimate. This material totals 4.8 million tonnes grading 0.57 g/t Au, 0.27 % Cu, 1.12 g/t Ag and 0.003% Mo at a $20.00 equivalent cut-off which is considered a preliminary suitable equivalent value that could potentially give a reasonable prospect for economic extraction. However, an underground economic study needs to be completed to identify the appropriate cut-off. The material remains open in several directions and requires further drilling to identify size, grade and reasonable economic potential for inclusion into stated mineral resources.

Tizate Zone - Resource Estimate1 - March 2012
Category
Tonnes
Au (g/t)
Cu (%)
Ag (g/t)
Mo (%)
Au (oz)
Cu (lbs)
AuEq2 (oz)
Indicated
77,400,000
0.18
0.17
2.29
0.006
438,000 
285,000,000
1,222,000
Inferred
34,400,000
0.15
0.15
1.70
0.007
170,000
115,000,000
486,000


Oxide and Sulphide Resources1 - March 2012
Category
Tonnes (t)
Au (g/t)
Cu (%)
Ag (g/t)
Mo (%)
Au (oz)
Cu (lbs)
AuEq2 (oz)
Oxide Meas & Ind
21,100,000
0.34
0.21
1.18
0.002
233,000
96,000,000
497,000
Oxide Inferred
700,000
0.19
0.13
2.01
0.002
4,000
2,000,000
10,000
Sulphide Meas & Ind
166,700,000
0.29
0.20
1.59
0.004
1,571,000
717,000,000
3,543,000
Sulphide Inferred
35,000,000
0.16
0.15
1.67
0.007
177,000
118,000,000
502,000


The mineral resources were estimated using Datamine Studio V3 mining software. Grades for Au, Cu, Ag and Mo were interpolated by ordinary kriging into blocks that are 10 metres by 10 metres by 5 metres in height representing the mineralized envelopes. Grades were estimated inside the mineralized envelopes based on an $8.70 equivalent cut-off calculated using a $1000 gold price and $2.75 copper price, designed by Geologix and validated by Micon. Mineral resources were further constrained within a Whittle resource pit shell based on $1,300 Au/oz and $3.30/lb for Cu (Ag and Mo values were not included) and reported above a $5.00 economic cut-off. The Whittle pit shell constraints utilized the following parameters:

Metallurgical Recoveries
North and South Zones Oxide: 78.4% Au, Cu 14.3%  - Sulphide 60.7% Au, 87.4% Cu
Tizate Oxide: 68.8% Au, Cu 6.8%  - Sulphide 66.2% Au, 85.3% Cu
Metals Used and Metal Prices ($USD)
Gold, Copper $1300 Au, $3.30 Cu
Operational Constraints
Pit Slope Angle 45 degrees
Operating Cost (Oxide and Sulphide) Mining:$1.35/t, Processing: $4.30/t, G&A: $0.68/t


All assays were composited to a 2 metre length prior to block estimation, and composite grades were evaluated for outliers. After evaluation, capping was applied to both oxide and sulphide mineralization for Au, Cu, Ag and Mo, where needed. The blocks were interpolated in three successive passes with each pass having a larger search volume. Search radii were designed from variogram parameters and local drill spacing. For the North and South zones interpolation passes one and two correspond to a classification of Measured and Indicated respectively and required at least five samples representing at least two drill holes. The remaining blocks within the North and South zone resource solids were interpolated with a third pass, which required at least 4 samples from at least one hole and were classified as Inferred. The Tizate zone was interpolated in two passes. The first required at least five samples representing at least two drill holes for a classification of Indicated, the second required at least 4 samples from at least one hole for a classification of Inferred.

The resource estimate was completed by David Makepeace, M.Eng., P. Eng., Senior Geologist, of Micon International Ltd., Vancouver, B.C. and is based on geological interpretation supplied by the Company to Micon. Mr. Makepeace is an 'independent qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and has verified the data disclosed in this news release. The Company's Resource Geologist, Andrew Hamilton, B.Sc., P. Geo., a 'qualified person' for the purposes of NI 43-101, has approved the disclosure contained in this news release.

Terms of the Purchase Transaction:

The principal terms of the transaction are as follows:

Effective April 4, 2011 Geologix delivered the final payment and fulfilled all obligations under the property purchase agreement and earned a 100% interest (subject to a 2.5% NSR) in the 138 square kilometre Tepal property.
Under the Agreement Geologix advanced to Arian Silver Corp. the sum of US$517,500 which was used by Arian to complete an outstanding underlying option payment due to the property vendor (US$450,000 plus the applicable IVA of US$67,500). The advance was made by the Company to Arian as an interest free loan and applied against the eventual purchase price as described in the following paragraphs.

In consideration for the loan, Arian granted Geologix a five month exclusivity period during which Geologix completed its due diligence of the property. Following completion of its due diligence review of the property, Geologix elected to acquire the property from Arian on an option basis for a total consideration of US$3-million, payable to Arian in two installments. The first installment consisted of US$725,000 cash and 3,434,193 common shares of the Company to Arian has been completed, and Arian has advanced to Geologix the sum of US$517,500 as full repayment of a loan delivered to Arian by the Company in September 2009. The remaining payment obligations was a payment of US$1.55 million on or before February 23, 2011, payable at Geologix's election in cash, or up to 50% in Geologix shares valued at the 10-day average closing price of the Company's shares immediately prior to the time of each payment.

Geologix assumed the balance of Arian's obligations under the terms of an underlying property option agreement whereby Geologix completed payments to the underlying property vendor in order to earn its 100% interest in the property.

The Tepal claims are subject to a 2.5% net smelter return ("NSR") to the underlying vendor, Minera Tepal S.A. de C.V. Under the terms of the NSR agreement, Geologix has a right of first refusal to purchase the NSR from Mineral Tepal.

Maps and Figures

Click to enlarge

Area 3 Rock Ag

Area 3 Rock Au

Area 3 Rock Cu

Area 3 Rock Mo

Target Area 3 and
Site Layout

Airborne Follow -Up

Area 3 AU Rock Samples

Area 3 AG Rock Samples

Area 3 CU Rock Samples

Area 3 MO Rock Samples

2011 North Zone
Section 2117000N

2011 North Zone
Drilling

Tepal Project
2011 South Zone Section A-A'

Tepal Project
2011 South Zone Drilling

Tizate Zone and
Tepal Project - 2011 Tizate Zone Drilling

Tizate Zone and
Tepal Project - 2011 Tizate Section 2116575N

Tepal Project - Hole
TEP-11-012 and
2011 PEA Resource

Tepal Project -
2011 South Zone
Drilling

Tizate Zone
Drill Plan 2011

Tizate Vertical
Section 2116700N

Tizate Vertical
Section 2116600 N

Tizate Vertical
Section 2116550 N

Gold Geochem &
Possible Pit Model

Tepal Drillplan

X2115700N

Drill Results

TEPAL PROJECT DRILL SUMMARY
Hole ID Zone From  To INT (m) Au g/t Cu % Ag g/t AuEq
TEP-11-027 North 3.05 62.70 59.65 0.18 0.28 1.1 0.73
TEP-11-030 North NSV - - - - - -
TEP-11-032 North 0.00 26.30 26.30 0.19 0.12 1.1 0.43
and North 58.00 64.00 6.00 0.08 0.14 1.1 0.36
TEP-11-033 North 0.00 41.90 41.90 0.29 0.58 5.9 1.48
Tep-11-035 North 51.90 58.20 6.30 0.12 0.21 2.2 0.55
TEP-11-037 North 0.00 20.45 20.45 0.13 0.20 1.8 0.53
and North 70.30 101.10 30.80 0.13 0.19 1.0 0.51
and North 108.55 140.30 31.75 0.06 0.18 1.0 0.41
TEP-11-039 North NSV - - - - - -
TEP-11-044 North 10.50 13.50 3.00 0.06 0.17 4.2 0.44
and North 25.85 30.35 4.50 3.29 0.03 14.0 3.57
and North 83.70 89.70 6.00 0.04 0.12 3.5 0.33
and North 98.70 101.70 3.00 0.12 0.25 1.9 0.62
TEP-11-045 North 8.00 15.90 7.90 0.24 0.10 0.4 0.43
and North 41.85 49.85 8.00 0.13 0.15 0.5 0.42
TEP-11-046 North NSV - - - - - -
TEP-11-047 North NSV - - - - - -
TEP-11-048 North 88.00 94.00 6.00 0.03 0.18 2.1 0.41
TEP-11-049 North NSV - - - - - -
TEP-11-050 North NSV - - - - - -
TEP-11-051 North NSV - - - - - -
TEP-11-052 A North 21.35 27.00 5.65 0.71 0.12 0.4 0.94
and North 33.50 51.00 17.50 0.31 0.12 0.9 0.55
and North 56.35 65.00 8.65 0.78 0.34 0.8 1.44
and North 90.00 96.00 6.00 0.05 0.13 0.3 0.30
and North 107.00 114.00 7.00 0.07 0.22 0.4 0.49
TEP-11-053 North 0.00 15.25 15.25 0.13 0.23 3.0 0.61
and North 36.00 42.00 6.00 0.89 0.06 13.4 1.21
and North 152.65 181.45 28.80 0.13 0.23 4.4 0.63
TEP-11-054 North 0.00 87.05 87.05 0.25 0.23 0.9 0.70
TEP-11-055 North 22.75 40.75 18 0.16 0.18 0.5 0.51
TEP-11-056 North 23.25 90.35 67.10 0.29 0.19 0.9 0.66
TEP-11-057 North 0.00 40.65 40.65 0.20 0.18 1.9 0.57
and North 54.65 109.40 54.75 0.09 0.19 1.6 0.47
TEP-11-058 North 60.6 122 61.4 0.41 0.19 2.50 0.81
TEP-11-059 North 0.00 17.10 17.10 0.14 0.33 1.1 0.78
and North 207.40 222.00 14.60 0.07 0.20 1.3 0.47
TEP-11-060 North 0.00 96.00 96.00 0.43 0.26 2.3 0.96
TEP-11-061 North 0.00 54.00 54.00 0.26 0.16 0.8 0.58
and North 76.00 90.25 14.25 0.17 0.16 0.6 0.48
TEP-11-062 North 0.00 76.80 76.80 0.23 0.27 0.7 0.75
and North 120.40 162.25 41.85 0.27 0.19 0.4 0.63
and North 191.70 222.80 31.10 0.14 0.23 0.5 0.59
TEP-11-063 North 4.00 67.40 63.40 0.36 0.26 1.0 0.87
and North 76.45 90.45 14.00 0.07 0.15 5.8 0.44
and North 100.10 110.70 10.60 0.09 0.11 0.5 0.31
TEP-11-064 North 0.00 54.50 54.50 0.43 0.29 2.1 1.01
TEP-11-065 North 0.00 29.95 29.95 0.41 0.39 0.5 1.15
and North 54.40 77.25 22.85 0.43 0.42 0.8 1.23
TEP-11-066 North 3.70 43.25 39.55 0.21 0.17 0.6 0.54
TEP-11-067 North 98.10 104.10 6.00 0.14 0.12 0.5 0.37
and North 114.10 118.00 3.90 0.11 0.14 1.3 0.39
TEP-11-068 North 0.00 34.50 34.50 0.13 0.17 0.4 0.46
and North 52.50 93.50 41.00 0.74 0.37 1.1 1.46
TEP-11-069 North 2.00 31.50 29.50 0.24 0.12 0.8 0.48
TEP-11-070 North 63.00 107.35 44.35 0.24 0.21 1.7 0.66
and North 115.55 180.30 64.75 0.30 0.29 2.5 0.89
TEP-11-071 North 9.00 35.70 26.70 0.16 0.15 1.0 0.46
and North 56.60 64.60 8.00 0.14 0.16 1.0 0.46
TEP-11-072 North 0.00 76.00 76.00 0.77 0.59 1.0 1.90
and North 101.70 108.90 7.20 0.33 0.28 0.6 0.87
and North 117.75 171.00 53.25 0.23 0.18 0.8 0.58
and North 198.15 226.00 27.85 0.30 0.23 0.3 0.74
TEP-11-073 North 0.00 27.70 27.70 0.21 0.02 0.9 0.27
TEP-11-074 North 98.80 116.80 18.00 0.19 0.12 0.4 0.42
and North 174.30 189.10 14.80 0.26 0.17 1.4 0.60
TEP-11-075 North 0.00 140.70 140.70 0.87 0.36 1.4 1.57
and North 162.75 188.90 26.15 0.53 0.23 0.8 0.97
TEP-11-076 North 0.00 16.25 16.25 0.19 0.09 0.3 0.36
and North 32.50 42.50 10.00 0.11 0.15 0.4 0.40
TEP-11-077 North 14.00 133.80 119.80 0.27 0.22 1.5 0.71
TEP-11-078 North 20.60 161.50 140.90 0.17 0.15 0.9 0.47
TEP-11-079 North 25.30 61.70 36.40 0.13 0.17 2.7 0.50
TEP-11-080 North 8.25 22.00 13.75 0.14 0.18 0.8 0.49
and North 110.00 135.05 25.05 0.14 0.12 1.1 0.38
TEP-11-080 North 181.00 199.00 18.00 0.08 0.15 1.7 0.38
TEP-11-081 North 0.00 8.25 8.25 0.97 0.22 1.4 1.40
and North 51.50 63.50 12.00 0.10 0.15 0.3 0.39
TEP-11-082 North 18.00 40.65 22.65 0.35 0.41 2.4 1.17
and North 61.10 132.45 71.35 0.27 0.22 2.4 0.72
TEP-11-083 North 25.70 66.50 40.80 0.32 0.20 6.9 0.81
and North 135.20 179.95 44.75 0.51 0.33 2.4 1.17
TEP-11-084 North 0.00 31.50 31.50 0.14 0.30 0.7 0.72
and North 134.10 146.85 12.75 0.19 0.13 0.6 0.44
and North 156.85 166.85 10.00 0.39 0.17 0.3 0.71
TEP-11-085 North 0.00 12.20 12.20 0.11 0.11 0.7 0.33
TEP-11-086 North 41.75 170.00 128.25 0.27 0.19 1.0 0.64
and North 203.00 242.50 39.50 0.31 0.25 2.1 0.81
TEP-11-087 North 4.00 52.40 48.40 0.22 0.13 1.0 0.48
and North 98.55 126.55 28.00 0.13 0.30 1.3 0.72
TEP-11-088 North 6.10 65.25 59.15 0.44 0.20 1.2 0.84
TEP-11-089 North 0.00 41.00 41.00 0.45 0.78 1.8 1.95
TEP-11-090 North 71.15 83.15 12.00 0.20 0.07 3.4 0.39
TEP-11-091 North 58.25 64.25 6.00 0.17 0.17 1.0 0.51
and North 168.00 181.00 13.00 0.09 0.10 1.0 0.29
TEP-11-092 North 0.00 8.05 8.05 0.44 0.21 0.3 0.84
and North 33.40 45.40 12.00 0.31 0.14 0.6 0.58
and North 58.30 64.30 6.00 0.05 0.32 2.5 0.69
and North 106.30 126.75 20.45 0.22 0.29 2.0 0.80
TEP-11-093 North 0.00 67.95 67.95 0.67 0.64 0.9 1.89
and North 114.00 148.50 34.50 0.40 0.21 1.0 0.81
TEP-11-094 North 18.65 224.70 206.05 0.42 0.19 0.6 0.79
TEP-11-095 North NSV - - - - - -
TEP-11-096 North 26.50 78.00 51.50 0.31 0.27 1.2 0.84
TEP-11-097 North NSV - - - - - -
TEP-11-098 North 0.00 27.20 27.20 0.31 0.24 0.9 0.78
and North 69.15 75.80 6.65 0.08 0.12 0.7 0.32
TEP-11-099 North NSV - - - - - -
TEP-11-100 North 22.45 28.00 5.55 0.46 0.02 0.6 0.51
and North 98.00 108.85 10.85 0.46 0.32 1.1 1.08
and North 122.05 140.00 17.95 0.30 0.18 1.0 0.66
TEP-11-101 North 86.20 114.00 27.80 0.17 0.17 0.9 0.50
TEP-11-102 North 0.00 137.00 137.00 0.47 0.23 0.7 0.91
TEP-11-103 North 99.00 179.05 80.05 0.27 0.22 1.1 0.70
TEP-11-104 North 38.95 56.20 17.25 0.15 0.18 1.2 0.51
TEP-11-105 North NSV - - - - - -
TEP-11-106 North 0.00 44.00 44.00 0.39 0.18 1.0 0.74
and North 62.00 77.00 15.00 0.13 0.10 0.6 0.33
and North 112.00 173.65 61.65 0.29 0.13 0.6 0.54
TEP-11-107 North 0.00 40.00 40.00 0.19 0.28 0.9 0.73
and North 58.45 80.00 21.55 0.14 0.12 1.4 0.39
and North 90.00 112.85 22.85 0.21 0.19 0.9 0.58
TEP-11-108 North 4.10 19.00 14.90 0.16 0.17 0.4 0.49
TEP-11-109 North 0.00 14.65 14.65 0.06 0.13 0.6 0.31
TEP-11-110 North 0.00 78.00 78.00 0.30 0.32 1.4 0.93
TEP-11-111 North 0.00 19.00 19.00 0.42 0.15 0.6 0.71
and North 37.75 44.30 6.55 0.10 0.14 0.5 0.37
and North 56.00 60.50 4.50 0.32 0.23 0.8 0.77
TEP-11-112 North 0.00 15.05 15.05 0.19 0.15 0.4 0.48
and North 70.15 84.15 14.00 0.35 0.25 1.4 0.85
TEP-11-113 North 0.00 179.35 179.35 0.54 0.24 1.1 1.01
TEP-11-114 North 120.00 157.00 37.00 0.21 0.12 0.9 0.45
and North 171.00 186.00 15.00 0.17 0.11 1.2 0.40
and North 196.80 206.00 9.20 0.16 0.12 0.8 0.40
and North 212.00 250.60 38.60 0.26 0.18 0.4 0.60
TEP-11-115 North 0.00 54.45 54.45 0.73 0.32 1.30 1.35
and North 96.55 120.55 24.00 0.32 0.25 1.60 0.82
and North 176.00 197.50 21.50 0.21 0.19 0.81 0.58
TEP-11-116 North 46.60 118.80 72.20 0.23 0.20 0.9 0.62
TEP-11-117 North 113.90 160.50 46.60 0.14 0.17 1.4 0.48
TEP-11-118 North 0.00 41.65 41.65 0.30 0.21 1.3 0.71
TEP-11-118 North 57.50 79.15 21.65 0.11 0.28 1.7 0.67
TEP-11-119 North 72.65 107.80 35.15 0.15 0.11 0.7 0.37
and North 127.80 155.80 28.00 0.35 0.23 1.3 0.80
TEP-11-120 North 0.00 119.60 119.60 0.30 0.19 1.2 0.68
and North 129.75 139.00 9.25 0.12 0.35 1.2 0.80
TEP-11-121 North 66.80 134.10 67.30 0.32 0.15 0.9 0.62
TEP-11-122 North 16.00 36.35 20.35 0.35 0.18 1.0 0.71
TEP-11-123 North 17.25 69.60 52.35 0.18 0.27 1.5 0.71
TEP-11-124 North 0.00 35.45 35.45 0.27 0.18 0.5 0.62
TEP-11-125 North 0.00 122.05 122.05 0.60 0.25 0.9 1.09
TEP-11-126 North 0.00 51.00 51.00 0.43 0.14 0.9 0.71
TEP-11-127 North 25.00 35.00 10.00 0.15 0.11 2.4 0.40


2011 TEPAL PROJECT - SOUTH ZONE DRILL SUMMARY - REPORTED JAN 2012
Hole ID Zone From  To INT (m) Au g/t Cu % Ag g/t AuEq*
TEP-11-021 South 0.00 17.00 17.00 0.13 0.19 0.3 0.49
and South 29.00 45.00 16.00 0.11 0.13 0.3 0.36
TEP-11-022 South 246.00 350.75 104.75 0.23 0.14 3.1 0.54
TEP-11-023 South 86.85 122.30 35.45 0.45 0.21 1.6 0.87
and South 131.95 183.50 51.55 0.30 0.16 1.0 0.61
TEP-11-024 South 49.55 179.85 130.30 0.24 0.16 0.9 0.56
and South 213.00 232.55 19.55 0.30 0.20 0.7 0.69
TEP-11-025 South 57.00 71.00 14.00 0.25 0.07 1.1 0.40
and South 79.00 113.00 34.00 0.39 0.09 0.9 0.57
and South 231.60 280.40 48.80 0.28 0.15 0.4 0.57
TEP-11-026 South 309.20 498.00 188.80 1.04 0.40 2.7 1.84
inc. South 317.20 422.00 104.80 1.45 0.44 1.3 2.30
and South 517.00 531.65 14.65 0.41 0.18 1.7 0.77
TEP-11-028 South 116.20 133.60 17.40 0.36 0.07 1.7 0.52
and South 266.55 280.25 13.70 0.14 0.10 0.3 0.34
and South 306.65 385.50 78.85 0.28 0.16 0.6 0.59
TEP-11-029 South 54.45 60.45 6.00 0.85 0.14 6.8 1.22
and South 84.05 143.00 58.95 0.19 0.14 0.4 0.46
and South 236.60 248.60 12.00 0.18 0.08 1.0 0.34
TEP-11-034 South 103.00 120.35 17.35 0.21 0.10 0.5 0.41
and South 127.35 228.00 100.65 0.26 0.15 0.6 0.55
TEP-11-036 South 0.00 30.40 30.40 0.22 0.18 0.9 0.57
TEP-11-038 South 147.95 158.80 10.85 0.27 0.07 0.4 0.41
TEP-11-040 South NSV - - - - - -
TEP-11-041 South NSV - - - - - -
TEP-11-043 South 152.00 294.55 142.55 0.91 0.35 1.3 1.59
inc. South 162.00 274.00 112.00 1.04 0.38 1.2 1.77
TEP-11-128 South 316.00 437.40 121.40 0.72 0.18 2.1 1.09
inc. South 318.00 401.00 83.00 0.89 0.20 2.3 1.30
TEP-11-129 South NSV - - - - - -
TEP-11-130 South 149.75 253.70 103.95 0.22 0.12 2.5 0.49
and South 284.25 439.20 154.95 0.41 0.24 1.2 0.88
*NOTE: AuEq based on $1000 Au, $2.75 Cu and $16 Ag.

2011 TEPAL PROJECT - INITIAL TIZATE ZONE DRILL RESULTS
Hole ID Zone From To INT (m) Au g/t Cu % Ag g/t AuEq* g/t
TIZ-11-038 Tizate 29.00 36.00 7.00 0.26 0.12 5.2 0.57
and Tizate 48.70 71.00 22.30 0.09 0.22 4.7 0.58
TIZ-11-039 Tizate 0.00 45.40 45.40 0.06 0.16 3.5 0.42
TIZ-11-040 Tizate 32.40 92.15 59.75 0.10 0.17 4.4 0.49
TIZ-11-041 Tizate 0.00 77.05 77.05 0.10 0.19 5.0 0.54
TIZ-11-042 Tizate 2.00 22.40 20.40 0.19 0.15 2.9 0.52
and Tizate 40.10 64.00 23.90 0.06 0.13 4.2 0.37
TIZ-11-043 Tizate 69.00 76.20 7.20 0.04 0.14 2.0 0.34
and Tizate 87.00 96.00 9.00 0.11 0.30 5.6 0.76
and Tizate 105.20 140.15 34.95 0.07 0.13 3.2 0.36
and Tizate 163.55 167.75 4.20 0.05 0.15 6.4 0.43
and Tizate 200.30 232.00 31.70 0.09 0.17 6.3 0.51
TIZ-11-044 Tizate 13.80 52.55 38.75 0.20 0.20 3 0.62
TIZ-11-045 Tizate 12.00 57.60 45.60 0.18 0.21 3.7 0.64
and Tizate 66.45 72.00 5.55 0.55 0.19 7.7 1.04
and Tizate 158.00 163.00 5.00 0.70 0.39 19.9 1.75
TIZ-11-046 Tizate 19.85 27.85 8.00 0.09 0.14 3.2 0.40
and Tizate 39.85 179.00 139.15 0.14 0.19 4.4 0.57
TIZ-11-047 Tizate 72.85 86.00 13.15 0.12 0.16 1.5 0.45
and Tizate 96.00 205.00 109.00 0.07 0.15 2.8 0.40
and Tizate 214.00 227.60 13.60 0.06 0.12 3.8 0.35
and Tizate 233.00 244.00 11.00 0.07 0.12 1.2 0.32
TIZ-11-048 Tizate 1.75 15.00 13.25 0.06 0.15 2.2 0.37
TIZ-11-049 Tizate 8.00 57.50 49.50 0.24 0.20 3.1 0.67
TIZ-11-050 Tizate 0.00 85.00 85.00 0.34 0.18 1.7 0.71
TIZ-11-051 Tizate 0.00 50.00 50.00 0.26 0.19 4.7 0.69
and Tizate 122.20 135.80 13.60 0.66 0.13 16.0 1.16
TIZ-11-052 Tizate 14.00 147.00 133.00 0.16 0.19 2.4 0.55
and Tizate 191.10 243.70 52.60 0.05 0.16 3.6 0.41
TIZ-11-053 Tizate 2.00 19.00 17.00 0.17 0.18 3.0 0.55
and Tizate 37.00 288.10 251.00 0.13 0.18 2.9 0.52
TIZ-11-054 Tizate 28.30 37.30 9.00 0.37 0.02 0.5 0.42
and Tizate 109.10 123.30 14.20 0.08 0.11 1.2 0.31
and Tizate 135.30 150.00 14.70 0.13 0.12 1.6 0.38
and Tizate 166.80 290.90 124.10 0.10 0.16 2.8 0.45
TIZ-11-055 Tizate 0.00 74.40 74.40 0.13 0.20 2.6 0.55
TIZ-11-056 Tizate 0.00 92.15 92.15 0.21 0.31 1.8 0.82
and Tizate 117.95 129.95 12.00 0.06 0.15 2.2 0.38
TIZ-11-057 Tizate 0.00 107.90 107.90 0.21 0.17 2.5 0.57
and Tizate 112.60 121.90 9.30 0.07 0.12 1.9 0.33
and Tizate 129.50 139.50 10.00 0.08 0.12 1.6 0.33
TIZ-11-058 Tizate 0.00 22.85 22.85 0.35 0.25 1.0 0.84
and Tizate 33.00 50.00 17.00 0.28 0.23 2.3 0.75
and Tizate 60.00 212.70 152.70 0.18 0.18 2.0 0.55
and Tizate 287.60 296.00 8.40 0.09 0.16 4.6 0.46
TIZ-11-059 Tizate 36.00 42.10 6.10 0.15 0.26 1.6 0.66
and Tizate 54.00 59.55 5.55 0.15 0.12 0.7 0.39
and Tizate 63.80 121.95 57.55 0.26 0.21 2.0 0.69
TIZ-11-060 Tizate 18.35 72.85 54.50 0.30 0.11 1.1 0.53
and Tizate 83.15 142.00 58.85 0.17 0.16 1.3 0.49
and Tizate 182.00 257.25 75.25 0.10 0.19 3.4 0.51
and Tizate 269.00 276.00 7.00 0.11 0.13 2.6 0.40
and Tizate 290.80 298.15 7.35 0.03 0.15 2.5 0.35
and Tizate 317.25 319.00 12.75 0.07 0.14 2.2 0.37
TIZ-11-061 Tizate 0.00 140.65 140.65 0.26 0.19 1.9 0.65
and Tizate 153.15 175.00 21.85 0.09 0.12 0.6 0.33
TIZ-11-062 Tizate 4.00 230.05 226.05 0.32 0.15 1.0 0.61
TIZ-11-063 Tizate 22.00 38.20 16.20 0.32 0.24 2.5 0.81
and Tizate 52.20 193.60 141.40 0.19 0.21 2.0 0.62
TIZ-11-064 Tizate 15.90 46.00 30.10 0.13 0.22 1.1 0.56
and Tizate 58.00 72.55 14.55 0.07 0.13 1.2 0.34
and Tizate 81.25 273.40 192.15 0.17 0.15 1.4 0.47
TIZ-11-065 Tizate 5.15 238 232.85 0.32 0.14 1.2 0.60
TIZ-11-066 Tizate 6.00 195.00 189.00 0.16 0.14 2.0 0.46


2011 TEPAL PROJECT SOUTH ZONE DRILL RESULTS
Hole ID Zone From To INT (m) Au g/t Cu % Ag g/t AuEq* g/t
TEP-11-001 South 28.30 30.30 7.30 0.21 0.15 0.3 0.50
and South 55.70 89.70 34.00 0.20 0.10 0.4 0.40
TEP-11-002 South 8.75 10.75 2.00 0.30 0.05 5.3 0.48
TEP-11-003 South NSV





TEP-11-004 South NSV





TEP-11-005 South 0.00 8.50 8.50 0.47 0.11 0.4 0.69
and South 60.65 108.40 47.75 0.16 0.10 0.4 0.36
and South 144.10 153.10 9.00 0.12 0.10 0.4 0.32
TEP-11-006 South 0.00 11.00 11.00 0.13 0.11 1.1 0.35
and South 22.00 34.00 12.00 0.12 0.10 1.2 0.33
TEP-11-007 South 0.00 42.40 42.40 0.35 0.19 1.1 0.73
TEP-11-008 South 0.00 33.65 33.65 0.56 0.24 1.2 1.03
TEP-1-0-009 South 0.00 16.00 16.00 0.25 0.12 2.5 0.52
TEP-11-010 South 0.00 64.05 64.05 0.67 0.30 0.8 1.25
TEP-11-011 South 0.00 10.70 10.70 0.43 0.20 0.4 0.82
and South 22.90 62.30 39.40 0.31 0.17 1.5 0.65
and South 101.50 134.50 33.00 0.21 0.14 0.3 0.48
TEP-11-012 South 146.50 425.90 279.45 0.54 0.26 1.3 1.05
including South 301.40 403.85 102.45 0.86 0.38 0.9 1.59
including South 303.40 370.95 67.55 1.01 0.42 1.0 1.82
TEP-11-013 South 178.60 195.45 16.85 0.27 0.10 3.1 0.51
and South 211.45 249.10 37.65 0.24 0.08 1.0 0.41
TEP-11-014 South NSV





TEP-11-015 South 0.00 91.10 91.10 0.67 0.25 1.0 1.16
and South 121.50 132.85 11.35 0.15 0.10 0.7 0.35
TEP-11-016 South 6.20 86.10 79.90 0.88 0.26 1.4 1.39
TEP-11-017 South 0.00 3.10 3.10 1.22 0.01 0.7 1.25
and South 173.20 203.50 30.30 0.15 0.12 0.8 0.39
and South 215.20 224.65 9.45 0.18 0.09 0.3 0.35
TEP-11-018 South 0.00 140.00 140.00 0.59 0.27 1.4 1.12
TEP-11-019 South 30.95 79.95 49.00 0.38 0.18 1.3 0.74
TEP-11-020 South 0.00 213.40 213.40 0.39 0.21 0.5 0.79
*NOTE: AuEq based on $1000 Au, $2.75 Cu and $16 Ag.

TABLE 1 - 2011 TIZATE ZONE DRILL SUMMARY - RESOURCE EXPANSION HOLES
Hole Id From To Length Au (g/t) Ag (g/t) Cu (%) Mo (%)
TIZ-11-035 0.00 63.00 63.00 0.27 5.1 0.24 0.007
TIZ-11-037 0.00 63.10 63.10 0.23 3.9 0.20 0.001
Significance: Higher grades than resource average. Mineralization begins at surface.
TIZ-11-006 182.00 255.00 73.00 0.13 2.9 0.20 0.007
TIZ-11-017 60.40 301.04 240.65 0.18 2.3 0.20 0.007
Significance: Substantial intersection of mineralization. Mineralized to significant depth
TIZ-11-023 0.00 97.75 97.75 0.17 1.4 0.20 0.007
TIZ-11-027 0.00 42.00 42.00 0.15 1.4 0.16 0.003
TIZ-11-025 6.00 106.80 100.80 0.08 1.2 0.19 0.006
Significance: Mineralize from/near surface. Extends mineralized zone to the Southwest
TIZ-11-019 87.00 148.55 61.55 0.15 1.3 0.18 0.010
TIZ-11-021 123.90 229.00 105.10 0.16 1.5 0.20 0.010
Significance: Extends mineralized zone to the Southwest
TIZ-11-007 0.00 41.00 41.00 0.08 3.3 0.15 0.006
Significance:Mineralize from/near surface. Extends mineralized zone to the Northeast
TIZ-11-011 5.25 100.95 95.70 0.21 1.4 0.13 0.007
Significance:Mineralize from/near surface
TIZ-11-003 25.90 154.00 128.10 0.13 3.2 0.20 0.010
TIZ-11-013 76.80 173.40 96.60 0.13 2.4 0.16 0.008
TIZ-11-013 218.00 320.00 102.00 0.14 4.0 0.22 0.011
Significance: Extends mineralized zone to the Northeast
Note: Au = gold, Ag = silver, Cu = copper, Mo = molybdenum. g/t = grams per tonne, % = percent.

TABLE 2 - TEPAL PROJECT DRILL SUMMARY - RESOURCE EXPANSION HOLES
Hole ID Zone From To INT (m) Au g/t Cu %
TEP-10-001 West IP 185.00 211.00 26.00 0.20 0.14
TEP-10-002 West IP NSV
TEP-10-003 West IP NSV
TEP-10-004 North 0.00 31.00 31.00 0.36 0.15
and North 49.00 86.50 37.50 0.27 0.17
and North 141.70 149.00 7.30 0.29 0.29
TEP-10-006 North 0.00 35.00 35.00 0.16 0.12
and North 47.00 75.00 28.00 0.21 0.18
and North 107.00 169.00 62.00 0.51 0.25
TEP-10-007 North 0.00 28.00 28.00 0.02 0.34
TEP-10-012 North 11.00 22.00 11.00 0.12 0.21
TEP-10-014 North NSV
TEP-10-015 West IP 164.00 175.00 13.00 0.21 0.07
TEP-10-016 North NSV
TEP-10-017 North 108.35 146.45 38.10 0.18 0.18
TEP-10-018 South NSV
TEP-10-019 North 63.00 175.20 112.20 0.35 0.21
TEP-10-020 South 159.00 177.00 18.00 0.33 0.20
and South 191.00 286.00 95.00 1.18 0.39
TEP-10-021A North NSV
TEP-10-022 South 64.00 138.00 74.00 0.25 0.16
and South 160.00 172.70 12.70 0.26 0

TABLE 3 - TIZATE ZONE DRILL SUMMARY - RESOURCE EXPANSION HOLES
Drilled By Hole ID From To Length Gold g/t* Copper %
Geologix TEP-10-005 59.00 119.00 60.00 0.22 0.19
Geologix and 160.40 199.00 38.60 0.22 0.24
Geologix TEP-10-008 20.20 32.40 12.20 0.20 0.20
Geologix and 56.00 118.00 62.00 0.22 0.28
Geologix TEP-10-009 37.00 159.95 122.95 0.37 0.16
Geologix and 173.00 202.70 29.70 0.51 0.19
Historical AS-07-002 22.00 58.00 36.00 0.15 0.13
Historical AS-07-003 88.00 101.65 15.65 0.10 0.15
Historical AS-07-025 16.05 34.00 17.95 0.17 0.37
Historical and 50.00 161.00 91.00 0.17 0.18
Historical AS-07-035 62.00 96.00 34.00 0.13 0.15
Historical T-44 1.52 74.68 73.16 0.15 0.17
Historical and 89.92 152.40 62.48 0.24 0.18
Historical T-46 0.00 106.68 106.68 0.16 0.17
Historical T-48 18.29 106.68 88.39 0.32 0.14

TABLE 4 - ADDITIONAL TIZATE ZONE DRILL SUMMARY - RESOURCE EXPANSION HOLES
Hole ID From To Interval (m) Au g/t Cu %
TEP-10-029 0.00 115.00 115.00 0.19 0.20
TEP-10-029 140.00 146.00 6.00 0.07 0.15
TEP-10-029 214.00 222.00 8.00 0.19 0.20
TEP-10-029 232.00 236.00 4.00 0.60 0.16
TEP-10-031 0.00 33.00 33.00 0.41 0.24
TEP-10-032 23.40 66.00 42.6 0.07 0.23
TEP-10-033 10.00 126.10 116.1 0.18 0.16
TEP-10-033 145.00 389.25 244.25 0.11 0.19
TEP-10-034 0.00 33.00 33.00 0.24 0.23
TEP-10-034 89.00 113.00 24.00 0.06 0.19
TEP-10-034 191.00 200.65 9.65 0.56 0.06
TEP-10-034 261.30 264.80 3.50 0.52 0.01
TEP-10-034 313.80 324.70 10.90 0.44 0.05
TEP-10-034 339.00 345.00 6.00 0.47 0.05
TEP-10-034 369.00 379.45 10.45 2.50 0.14
TEP-10-035 NSV
TEP-10-036 2.00 114.20 112.20 0.36 0.22
TEP-10-036 140.20 148.00 7.80 0.26 0.18
TEP-10-036 176.00 186.00 10.00 0.23 0.12
TEP-10-036 219.00 269.15 50.15 0.24 0.18
TEP-10-037A 75.00 108.00 33.00 0.12 0.12
TEP-10-037A 129.20 241.95 121.75 0.17 0.15
TEP-10-037A 342.00 350.00 8.00 0.12 0.15
TEP-10-038 2.00 9.00 7.00 0.11 0.22
TEP-10-038 29.00 132.00 103.00 0.17 0.19
TEP-10-038 152.00 156.00 4.00 0.19 0.11
TEP-10-039 0.00 98.60 98.60 0.28 0.23
TEP-10-040 2.20 71.50 68.95 0.20 0.25

Technical Reports

JDS Energy and Mining Inc. PFS - May 2013

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MICON Resource
March 2012

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SRK PA
March 2011

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SRK PEA
October 2010

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